Terra's Luna Classic price could rally 15% this week, here's why
- Terra's LUNC is down 6% after a 10% weekend rally.
- The volume remains low during the current sell-off.
- Invalidation of any uptrend potential is a breach below $0.00023020.
Terra's Luna Classic price is in market decline after an impressive weekend rally. Key levels have been identified to gauge the next move.
Luna Classic price faces resistance
Terra's Luna Classic price is starting the final trading week of October on a bad foot. On October 24, the digital currency has been overcome by a bearish onslaught. During the weekend, LUNC price witnessed an applaudable uptrend bringing the market value up 10%. The bears immediately stepped in near the highs at $0.00024639 and have since forged a penny-from-Eiffel decline with very shallow pullbacks.
LUNC price currently auctions at $0.00023005. The Relative Strength Index is still in oversold territory since the previous week’s decline. The move south was catalyzed by the 8-day exponential moving average but has come under relatively low volume when compared to the weekend rally. Combining these factors, bears in the market may be taking on a risky bet.
This forecast suggests an additional 15% rise toward $0.00026200 could occur to challenge newly established short positions. Invalidation of the bullish idea depends on the swing low at $0.00023020 remaining untagged. If the bears tag the invalidation point, the continuation of the downtrend targeting $0.000200000 could occur. Such a move would result in a 12% decline from the current Terra Luna Classic price.
LUNC/USDT 8-Hour Chart
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
